How To Save Money During Your Product Design Venture
Are you in the middle of product development and ran out of money? Didn’t budget properly? Struggling to find funds to complete your patent or prototype? In a similar situation?
Don’t fret! It is very common thing that happens to entrepreneurs who venture into the development of a product without a proper financial plan. Some think it won’t cost much, some want to finance the project on their own and some think they can extend the process for a few years. Well, depending on your idea, you may be in need of financial help and we want to help you find ways to save money during the process.
Making Product Design A Bit Cheaper: CAN vs US
Depending on where you are from, you may want to consider hiring a product design firm from a different country. For example, if you live in the US consider a design firm from Canada. With the difference in the Canadian Dollar vs US Dollar you may be saving yourself 30% in development costs. This can give inventors a more economical way to develop their products while still using high quality industrial design firms. The exchange rate fluctuates, of course, but todays incentive for small start-ups and even large corporations is big.
Communication in today’s world is not the same as it used to be. During the product design process, face-to-face meetings are no longer necessary in order to get projects off the ground. Today we are able to click a button and it’s like being in the same room as the person you are communicating with.
Shipping During The Product Design Process
Shipping is a major part of the product development process. 3D prints, prototypes and Initial production parts are usually shipped back and forth from China or from around the world with ease, so the distance between the US and our Canadian product design firms is not as critical as it once was.
Saving Money With Manufacturing
Manufacturing is another crucial area where one can save money, this is where you can decide to either Manufacture In China or the US.
Many inventors have a fear of poor communication with companies in China. Keeping manufacturing local alleviates this fear. Keeping manufacturing home has many advantages as well. Manufacturing in China has the benefit of cheaper labour, but local companies can be more efficient and productive. Keeping production home also reduces transportation/shipping and logistics costs. When production is done locally, you have a greater control of the quality of your products. Many inventors also prefer to manufacture locally so they can more easily rest assured their technology, designs and patents don’t go in the wrong hands.
If your product has a lot of competition and there is a constant price war, it may be difficult to manufacture locally. But if your product has a niche market, you may prefer to focus your efforts on having the best quality and maybe even take advantage of the fact that you manufacture locally.
Maybe your product has a medium to high price point; in that case it may be possible to manufacture locally. In cases in which your product is environmentally-friendly, you may be forced to manufacture locally, as it wouldn’t make environmental sense to do otherwise.
For all these reasons, manufacturing locally may be a much better option. Still, there are cases where it may just not be a possibility. If you need help with manufacturing, locally or in China, assistance with logistics, sourcing, or communication, or just to want to find an experienced manufacturer that can satisfy your production needs, give us a call. We can help!